Wheelbarrow Naira:President Bola Ahmed Tinubu don defend him administration’s controversial foreign exchange reforms, insisting say the Nigerian naira for don become completely worthless if him government no take the decision to unify the country’s exchange rates for 2023. The president make this statement for All Progressives Congress (APC) presidential campaign rally for Akwa Ibom State on Friday, as criticism about the value of the naira continue to follow him administration. According to Tinubu, Nigerians suppose understand say the currency still get some value because, instead of using wheelbarrow to carry money go buy tomatoes for market, dem still fit put the money inside pocket.
But as the president dey explain how terrible the alternative for don be, another important question dey wait for government: if the naira still get pocketable value, how much market value remain for the money wey ordinary Nigerians dey earn?
Wheelbarrow Naira: Tinubu Defend Him Forex Decision As Nigerians Question Currency Value
During the rally, Tinubu dismiss criticism about the naira’s depreciation against the United States dollar, arguing say the currency for don lose virtually all e value without the foreign exchange policy wey him administration introduce shortly after assuming office in May 2023.
The president explain say the decision to unify the country’s multiple exchange rates prevent Nigeria from entering a more disastrous financial situation. E also use the experience of buying tomatoes for market as example to describe the possible consequences of allowing the previous exchange rate arrangement to continue.
“If we didn’t take a decision on the day I took over, we would be using wheelbarrow to move our naira because it would have been valueless,” Tinubu talk.
E further argue say the exchange rate of around N1,300 to one dollar still mean say the naira get some pocketable value. According to am, Nigerians for don dey use wheelbarrow carry bundles of money go market if government no introduce the reforms.
However, the president’s explanation no automatically remove the economic concerns wey many Nigerians dey raise. For ordinary salary earners, traders, parents and small business owners, the important question no be only whether the naira fit enter pocket, but whether the money inside that pocket still fit buy enough food, pay transportation and settle other basic expenses.
Wheelbarrow Naira: Wetin Really Happen After Nigeria Unify Exchange Rates?
To understand the president’s argument, e important to remember say Nigeria previously operate different foreign exchange windows, with different rates for different categories of transactions. This arrangement create a wide gap between the official exchange rate and the parallel market rate, while businesses and individuals struggle to access foreign currency.
For June 2023, the Central Bank of Nigeria introduce a unified foreign exchange arrangement based on a willing-buyer, willing-seller principle. The objective na to reduce market distortions, improve transparency, encourage foreign investment and allow demand and supply play greater roles in determining the value of the naira. The policy later develop into a more flexible, market-determined exchange rate arrangement by 2024.
However, the adjustment come with serious consequences for the naira. The currency depreciate sharply after the reforms, moving from approximately N750 to the dollar around the period of the policy announcement to levels around N1,900 at its weakest point in the period highlighted by the president’s argument, before later recovering.
The International Monetary Fund (IMF), for its 2026 assessment of Nigeria’s foreign exchange reforms, explain say the unification help reduce the gap between the official and parallel markets. However, the transition also expose the currency to more frequent movements as market forces begin to determine exchange rates. The IMF further identify the way exchange rate changes affect domestic prices as an important part of Nigeria’s economic adjustment.
Interestingly, the president’s N1,300 figure should be understood as an approximate figure rather than an exact latest official rate. Data from the Central Bank of Nigeria show say the Nigerian Foreign Exchange Market recorded an average rate of approximately N1,346.26 to one dollar on October 30, 2026. This show say the naira don recover from its worst depreciation levels, although e still remain significantly weaker than the pre-reform exchange rate.
The bigger issue wey government still need address na how to make the benefits of exchange rate stability reach ordinary households. A stronger or more stable naira fit help businesses plan, reduce uncertainty and improve confidence, but e no automatically mean say food prices, rent, transportation and other living expenses go immediately reduce.
For example, when businesses import raw materials, machinery, medicines and other essential goods, exchange rate movements fit affect their operating costs. Those costs fit eventually enter the prices wey consumers pay. Therefore, currency recovery need support from other policies wey address production, electricity, transportation, food supply and inflation.
And na here the political debate become more interesting. Government fit argue say the reforms prevent a worse economic disaster, while citizens still reserve the right to ask whether the sacrifices dem make don produce enough improvement for their daily lives.
Tinubu’s statement also come at an important political period as the APC intensify activities ahead of the 2027 general election. For such campaign gatherings, defending the administration’s economic record naturally become part of the political conversation, especially as opposition voices and ordinary Nigerians continue to assess the impact of government policies.
At the end of the day, preventing a currency from becoming worthless na one thing, but making that currency valuable enough to improve people’s standard of living na another responsibility entirely. Nigerians no necessarily need wheelbarrow to carry their money before dem fit complain about the purchasing power of the naira. Government must therefore continue to demonstrate how the reforms go translate into affordable food, better employment opportunities and improved economic conditions.
For now, Tinubu don make him position clear: without the reforms, the naira for don become wheelbarrow money. But whether Nigerians go eventually celebrate the policy for their pockets or continue to calculate every market expense with anxiety na another chapter wey OGM News Pidgin go dey follow.
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